[The following information applies to the questions displayed below.]On January 1, Year 1, Wayne Company issued bonds with a face value of $600,000, a 6% stated rate of interest, and a 10-year term. Interest is payable in cash on December 31 of each year. Wayne uses the straight-line method to amortize bond discounts and premiums.Assuming Wayne issued the bonds for 102.5, what is the carrying value of the bonds on the December 31, Year 1 balance sheet?
A. $616,500
B. $613,500
C. $601,500
D. $615,000
Answer: B
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